创业退出:基于系统文献综述法的研究回顾与展望

Entrepreneurial Exit:A Systematic Literature Review and Directions for Future Research

创业退出是创业过程不可或缺的重要构成阶段,越来越受到学者的关注。本文基于系统文献综述法回顾创业退出的研究文献,从行为论和过程论视角界定创业退出的内涵,并辨析与创业失败的区别;从特征导向出发构建创业退出的IMO模型,揭示影响创业退出的创业者、新创企业、家庭生活和社会环境等方面因素,阐述创业退出的策略和路径,提炼创业退出对个体、企业及社会的结果效应;系统归纳创业团队退出的影响因素和结果效应;从过程导向出发阐述创业者的心理退出过程。最后,对未来研究方向进行了展望。

Entrepreneurial exit is a critical component of the entrepreneurial process,especially in today s“double-creation”era,entrepreneurs are becoming more frequent and commonplace as they enter and exit their businesses.Entrepreneurship is not only the creation of a new enterprise,but it should be a complete process that includes the entrepreneurial exit.So entrepreneurial exit is attracting more and more attention of scholars.This paper performed a systematic literature review of entrepreneurial exit.Specifically,this paper reviews comprehensively the literature about entrepreneurial exit through three steps of data collection,data analysis,and results reporting.Through the literature review,the article reached the following conclusions.Firstly,this review introduces the definition of entrepreneurial exit,respectively from the views of behavioral-based and process-based.The behavioral-based theory focuses on the individual s career choice.Entering and exiting the entrepreneurship is a decision made by the individual about self-employed,employed,or unemployed.The process-based theory emphasizes that the entrepreneurial exit is the end of the entrepreneurial process,and entrepreneurial exit itself is viewed as a complex process.This paper argues that entrepreneurial exit is a dynamic,multiform phenomenon.And it clarifies the distinction between entrepreneurial exit and entrepreneurial failure.There is an intersection between entrepreneurial exit and entrepreneurial failure due to exit caused by failure.Entrepreneurial exit is neither a sufficient condition nor a necessary condition for the entrepreneurial failure.The entrepreneurial exit and entrepreneurial failure are not completely equivalent concepts.Secondly,based on feature-oriented perspective,this review outlines how entrepreneurial exit interacts with other variables within a comprehensive input-mediator-output(IMO)framework.Specifically,the framework reveals the influencing factors of entrepreneurial exit,including entrepreneur,venture,family life and social environment,expounds the strategies and routes of entrepreneurial exit,including Initial Public Offering(IPO),M&A,employee acquisition,family succession,sales,liquidation,and outlines the effects of entrepreneurial exit on entrepreneur,venture and social environment.The entrepreneurial exit is obviously a major event experienced by entrepreneurs and has an impact on the economic and emotional aspects of entrepreneurs.Entrepreneurial exit is a“double-edged sword”for enterprises.After the entrepreneurial exit,entrepreneurs also have a series of impacts on the social environment through the entrepreneurial cycle.Thirdly,this review summarizes the influencing factors and consequences of entrepreneurial team exit.The characteristics of the entrepreneurial team and the characteristics of interpersonal interaction have important influence on the exit decision of the entrepreneurial team.Team age,education,industry experience,and experience diversity increase the exiting likelihood of team members.Cognitive trust,acquaintances accession,fairness of share allocation have different effects on entrepreneurial exit.There is no single conclusion about the effect of entrepreneurial team exit on the performance of the enterprise.Entrepreneurial team exit has positive or negative impact on enterprise performance.Most of the studies consider the impact of entrepreneurial team exit on enterprise performance under different scenarios.Next,based on process-oriented perspective,entrepreneurial exit not only involves the departure of the body,but also involves the psychological exit process of the entrepreneur from the cognitive and emotional exit from the organization.This review elaborates how founders psychologically disengage from their organizations.Different job-oriented founders,including self-fortifying work orientation and stewarding work orientation,have different behaviors in the process of exit,with correspondingly different identification dynamics and emotional experiences.Finally,it suggests directions for future research to extends the research scope.